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Asia accounted for almost 10% of the world's oil production in 2018.1 2 The region was led by China and India, the world's fifth and tenth biggest oil-producing nations, respectively.3 In recent years, Asia's share of world oil production has been on a slow but steady decline. This is primarily a consequence of flat regional oil production during a period of rising overall global output. However, demand continues unabated, as the Asia Pacific region consumes roughly 36% of the world's oil, getting 36 million barrels per day.4
After reaching peak production levels in 2015, Asian oil output has declined 5% to 7.9 million barrels per day through 2018, according to the International Association of Oil and Gas Producers. While a number of countries in the region have discovered large new reserves, others face declining production from aging oil fields. Consequently, analysts expect production trends to continue for the region as a whole
Answer:
Supergiants
Petroleum is contained in a few large fields, but most fields are small.
The two largest classes of fields are the
supergiants, fields with 5 billion or more barrels of ultimately recoverable oil, and
world-class giants, fields with 500 million to 5 billion barrels of recoverable oil.
Fewer than 40 supergiant oil fields have been found worldwide.
The Arabian-Iranian sedimentary basin in the Persian Gulf region contains two-thirds of these supergiant fields.
The remaining supergiants are distributed in the United States, Russia, Mexico, Libya, Algeria, Venezuela, and
Oilfields in Saudi Arabia
Saudi Arabia has the second largest proven oil reserves (Venezuela has the largest proven oil reserves).
Approximately 20 percent of the world’s proven reserves.
The discovery that transformed Saudi Arabia into a leading oil country was Al-Ghawār oil field. (still has 70 billion barrels after 60 years of production)
Another important discovery was the Saffaniyah offshore field in the Persian Gulf. It is the third largest oil field in the world and the largest offshore.
Oil Fields in Iraq, Kuwait, & Iran
The Middle Eastern countries of Iraq, Kuwait, and Iran are each estimated to have 25 percent of all proven reserves in the world.
These countries have a number of supergiant fields.
Al-Burqan oilfield of Kuwait is the world’s second largest oil field.
Oil Fields in Russia
Russia is thought to possess the best potential for new discoveries.
It has significant proven reserves of 5 percent of the world total—and is the world’s leading petroleum producer.
There are two supergiant oil fields – Western Siberia and Yenisey Khatanga.
Kamchatka peninsula and Sakhalin Island are said to have significant oil reserves.
Volga-Caspian Region has many oil and gas fields.